EST 1843 QUEEN VICTORIA SEAMEN'S REST THE SEAMEN'S MISSION OF THE METHODIST CHURCH AMENDED Annual Report and Financial Statements 11 lili .. jXENW0￿SF￿4(trSRE5T 111111 111111111 11 For the year ending 31st December 2022 EST 1843 ov QVSR (a charitable company limited by guarantee) Aggregated with the Queen Vittoria Seamen's Rest Charity Registration No. 1106126 Company Registration No. 5218014 QVSR SEAFARERS CENTRES QVSR Seafarers Centres (a charitable company limited by guarantee) Charity Registration No. 1198656 Company Registration No. 13903109 QVSR Trustees, Report 2022 Contents Trustees, Report Report of the Independent Audttors Consolidated Ststement of Financial Activities Consolidated Balance Sheet Charity Balance Sheet Consolidated Cash Flow Statement Notes to the Financial Statements 20 24 25 26 27 28 QVSR & QVSR Seafarers Centres (A company limited by guarantee) Board of Directors Terence Simco MBE (Chair) • Revd jennifer Impey (èpKx)inted March 2022) . Sir Alastair Norris . Theixlora Ogwezi • lan Pattison • Geraldine Pearce • Philip Sheppard • Mathilda Small-Byam • Jean Thomas • Barry Vaughan (resigned September 2022) • Roy Wadeson (r2ggnedJuly 2022) • Mrs Nadine Wilkinson (apwinted March 2022) Chief Executive & Company Secretary Alexander camp￿11 OBE JP MNM Msc BA Cmgr FCMI Auditors Moore Kingston Smith LLP, 6 Flwr, 9 Appold Street, London, EC2A 2AP Sollcitors Charles Russell Speechlys LLP, 5 Fleet Pla￿, London, EC4M 7RD Bankers QVSR - HSBC UK Bank plc, The Peak, 333 Vauxhall Bridge Road, Virtoria, London, SWIN OHJ QVSR SC - HSBC UK Bank plc, 107 High str￿t, Banstead, Surrey, SM7 2NR CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 41Q Investment Advisors Central Finance Board of the Methcxlist Church, 9 ￿nhIl1 Street, London, EC2A 4PE Employment Law Service and Health & Safety Consultants Croner House, Wheatfield Wayi Hinckley, Leicestershire, LEIO IYG Registered Offjce 121-131 East Enclia Dock Road, Poplar, London, E14 6DF Registered Charity Number QVSR: 1106126 QVSR Trustees, Report 2022 Company Number QVSR.. 5218014 Our aims and objectives Objects QVSR'S charitable objects, as dedared in the MemoTrndum of A5￿ciation, are to work as an expression of Christian compassion as part of the Methcxlist Church. QVSR will provide accomm￿atIon for seafarers, tr)th active and retired, ex-servi￿rnen and other members of our local community that are in need. We will strive to do this within a caring environment where individuals will be helped and encouraged - physically, mentally and spiritually - to meet their full potential regardless of their ethnicity, cultural or religious background. We do this via our operation at East India tknk Rckid (which includes over 170 r￿mS of accomm￿atIOn) and our seafarers, ￿ntre5 on the River Thames which provide supp)rt and recreational facilities for active afarers. Vision > Our vision is that everyone will have a quality pemanent home that will meet their needs- until that time QVSR is committed to providing accommodation and suptort to vulnerable individuals within our community. Our company IcNJo'Shelter, sUp￿)rt and Hope, underlines our commitment to meeting the holistic needs of those we serve. We also see our provision of seafarers, ￿ntre5 based at the Port of Tilbury, DP World London Gateway and in the Ports of Bristol, Felixstowe and Immingham as a way of welcoming all seafarers v55iting these ports located around the UK. Values* Diversi We are delighted that our community is made up of a wide and diverse population. We encourage the interaction and sharing of different cultures and values. We believe that through education and trust diverse communities can live in harmony. This value runs through both our accommcKlation Servi￿ and our seafarers. ￿ntre5. Inclusive We aim to accomm(JJate where possible anyone in need of a(XDmmodation and support, but we pla￿ particular focus on seafarers and Servi￿ personnel l)oth active and retired. Our services are open to all regardless of their ethnicity or religious background. Collaboration QV5R Trustees. Report 2022 We are very aware that we are part of a wider Sc￿r￿ of help and SUPPK>rt for our residents and as such we are fully committed to working in collaboration with other SeN1￿ providers who complement our mission. > Em wennent We believe that everyone can find themselves in need and that it is our goal to help individuals get back on their feet and help them strive towards obtaining their personal goalslambitions. *kVith the launch of QVSR Seafarers Centres in 2022, our values Mll be reviewed and relaunched in 2023 to underpin our aim to put 'Re5￿ents First-and "Seafarers Fit5t" in the sen11￿$ we offer. Charitable alms > Our key priority is to provide accommodation and suprKJrt to vulneraile adults. We give priorty to seafarers and ex-servicemen both active and rebred. > Our work via our seafarers, centres l(Kated at the Port of Tilbury, DP Wodd London Gateway underlines our commitment to active seafarers alongside those who are retired and supported via our accomm(xJation at East India DcKk Road. Public Benefit > We review our aims, objertives and attivities annually; in doing this we evaluate and assess the tknefit of our outputs on the lives of the vulnerable adults who a￿55 our services. We consider how we can further develop our objectives to meet future and ensure that our work continues to delwer our charitable aims and have a real impact on the community we serve. QVSR'S TrusteeslDirectors confimi that they have ct)mplied with the duty in Sertion 17 of the Charities Act 2011 to have due regard to public trEnefit guidan￿ wblished by the Charity Commission. Fundraising QVSR has adopted the Fundraising Regulator Code of Practi￿ and during 2022 no complaints were received in terms of fundraising. The QVSR Finan￿ Committee Monito￿ QVSR'S fundraising activities. QVSR has engaged the SeN1￿ of Chartty Fu￿1raIsIng Limited to assist with applying for and progressing grant applications and identifying new Sour￿ of funding. QVSR does not cold call or send any individual fundraising material without their prior consent and works within GDPR guidan￿. Measurements, activities and performances for 2022 and targets for 2023 As we continue to adapt to a P)St pandemK world and the impart ora global cost olliving cris15, QVSR is cornmitted to doing all it can to support the groups we Icvk after.. seafarers (active and retired), ex-service personnel and others in need of accommodation and support. As a charity QVSR Truste￿. Report 2022 working with the vulnerBble it is not appropnate tI￿t we ￿1$$ on our intreased running costs, therefore there is è need to use our funds in a targeted way in order that the impatt of the current financial challenges do not affett overly the indiwduals we serve and the committed staff who carry out our operation. We have embarked on a large refurbishment programme of our newty acquired seafarers centres at Bristol, Felixstowe and Immingham. This has been made possible via a grant from the Department for Transport and the Merchant NBry Welfare &Jard. Our ambition 15 to ensure that our QVSR Sealarers Centres are of the very best standard. Having recently launched our values we are keen to integrate a stsndard way of working acr(￿ our operations, 'The QVSR Way,. We are committed to the national standards of 'Investors in People'and we strive to ensure that we continually work toward ex￿llen￿. Ourstrap line to our operations as a dlarity are Seafarers Fi￿￿(Qv5R 5eafa￿rs Centres) and 'Residents First'(QVSR Accommodation Semces) and 35 a charity we want to put 'People First, Alexander Campbell OBEJP MNM Chief Executive QVSR & QVSR Seafarers Centres QVSR'S achievements for the year in meeting our objertives are set out below: AIMA For QVSR to provide a carlng environment where individuals are helped physicallyi mentally and spiritually to meet their full potential regardless of their ethnlcity or religious background. What were the outputs? Praclical, emotional, and spiritual welfare suptK)rt tailored to meet ￿ed5 of each individual ￿SIdent was prowded by Welfare staff. Residents were assisted daily with their benefit applications. health matters and housing issues. Regular informal one to one SeS￿On was faolitated with regdents to enable discussion of speclfic issue5, challenges, opportunities, and ideas. An open forum wès provided where residents can give feedba(k on QVSR'S operation. raise any areas of Con￿M, and highlight how service charvjes might affert them. Residents were kept informed and utthted on Cu￿nt issues. e.g.. d￿nge$ in welfare benefits, changes to the QVSR building and services. Residents were encouraged to speak openly wid) staff atK)Ut any cotKems they may have. Residents were able to reiK)rt maintenance and service issues on the Helkxjesk system at re￿ption. We fa￿d a cost-of-liviry crisis, and we asssted our ￿sidents to access the government suptK)rt that was made available, we also workeAJ with new and existing organisations who distribute donations. What were the outcomes? QVSR was able to provide 212 homeless men with accommodation and access to welfare support in 2022. Through monthly residents. meetings residents felt they had a voice and an opportunity to comment on our services and highlight any concems. Through the Hel￿eSk system at Reception, residents were assured of a quality of serwce with regards to the repair and mèintenance of their accommiKlation. QVSR Trnsteeg Report 2022 Through regular communications delivered to rooms, placed on nob￿1X)ards AfKI on the r￿ptIOn TV, residents continued to feel informed and supported through the orxJoir¥J pandemic, understarKling that any changes of operab'on were intetxled to safeguard their welfare. Resdents felt suptx)rted in having to deal with cost of liviThJ rises. Dld you succeed in thls obiettive? Yes, we treat each resbdent as an irKJiwdual and understsrKJ the impact ￿Y have C￿ our day-to-day operations. We encourage our resident tK)PLJlation to feel that they can contribute to the development of our services to meet their ever-chaThJing needs. Tr Board took the de05ion to run a deficit bL¥Jget for 2023 so that the I[￿reased costs were not passed on to the residents. Ob'ectlve A2 To Improve the health and wellbeing of residents by supporting them to achieve lifestyle and personal development goals whether this is simple companion5hipff the development of leisure Interests, training and employment opportunltles or a move to more independent Ilvlng or supported housing. What were the outputs? Our Welfare staff conkn'nued to look after the needs of residents and offer guidance and support, Our Aftercare fft'lot ￿Ject (funded by the Nabonal Lottery Community FurKiI continued to provide ongoing welfare assistance to those who move-on to I￿1p t￿M maintsin their new t￿al￿. Through signposting and working with extemal agenoes we have started to provide benefiaal sermces for our residents both in QVSR and out￿de to asgst t￿] with the move back in to independent liwng. Donations to support resident welfare came in the form of Tesco voiKhers, Iftar meals arHI winter coats. We re￿1ve f￿d donab'ons on a weekly basis from the Felix proptt to help (xjr residents in these difficult times. We have partr￿red ￿th Po￿ar HARCA, Crisis, Homeless Linl the Hwe, local community ￿ntreS s￿h as St Pauls Way, Pro￿den￿ Row (reset), Counsellors, Hackney Jar. Tr Felix Project, New City College and many others to assist our restdents with prath.cal and efflots'onal support wkether they are stsying or moving on into indeperKlent living. What were the outcomes? staff and volunteers continued to monitor the health and wellbeiTKJ of resicknts during 2022 engaging in more artivities and time spent with residents to ease their sense of isolation. QVSR'S Chaplain provided spiritual support to all memtErs of QVSR (ommunity,. this spiritual support is given to all irrespertive of ￿lIgIon, culture or ethniuty. Our Muslim re&dents were supplied with daily deliveries of Iftar meals during Ramadan through our partnership with the"Women's Indugve Team". We also partnered with the Felix project who supply weekly donatior6 of focx1 for our residents. Over 150 residents had access to essential winter clothing through our pOrtr￿rship with'Hands on London, and their"Wrap up LorKlon- Campaign. In 2022, our Aftercare Projert was able to assist 9 residents to move on to iThlependent liwng and 9 to higher support (s￿ltered housing or care home). Our Aftercare Project was also able to follow up on 21 ex-residents who have moved to private rented accommodation sn￿ 2020 to ￿ how they were managing U)eir new tenanoes. The majority were managing well, others required some practical assistan￿ with setbThJ up utilities and accessing affordable furniture for their new home. Dld you succeed in this obJectlve? QVSR Trustees, Report 2022 Despite the ongoing challenges of the cost-of-living crisis we Succeed￿ in our aims and obFttive5 for the year by adapting and changing with the Orcumstan￿. The aftercare project has succeeded in helping people move back into irKdewdent living and is currendy worf(ing with 85 residents to achieve this goal, with 18 already suc￿$f￿ in mo*ing on in 2022. The NCLF grant enabled us to have someone in a ￿m)anent role Sign[￿sting and a$￿sting residents with all the requirements needed to move back into independent livirKJ. A portfolio of outside agenoes has teen built up by the Aftercare Manager to make the transition as easy and streamlined as possible. Using salesforce, a CRM system ￿e9g￿ to collate statistics of residents we are wod(ing with and how we have assisted ttrEm to move on or prepare to move on, we are able to see how we have met our goals and objectives. AIMB For QVSR to provide the highest quallty accommodation and facilities for its service users. What were the outputs7 The QVSR garden was refurbis￿ with fvnding from the MNW8, B&Q and the Ajbert Hunt Trust. This included replacing the decking with MO￿ cost effective and enwronrnentally friendly pathway5, replenishing the existiry plantsrKJ and introduong additional flower beds and trees around a newly laid lawn. The existing baggage room was split into three smaller rooms to pmmde a Stora￿ area for residents, telongings, a Se￿rate storage r(x)m for donations of clothiThJ and other goods, and a third area for large Items of fumiture and ottrEr replacement fixtures and fitb"rKJs for use amund the building. An additional en-suite room was created on the groufKI fl(x)r. What were the outcomes? Residents now enjoy a more vibrant atKi interesting outd¢x)r spa￿, a safe area within the perimeter of the building which they can use for communal re￿dent activities or for smple rdaxation, thereby enhancing their general wellbkiThJ. The remodelled baggage room promdes an improved storage area for essential items such as mattresses and replacement fumiture that may r*eded when preparing a room for a new resident which will speed up the letting process. Thefe is now a better storage for donations with hanging roils for clothing and shelving for other items such as Sh[￿S arKI toiletries. This gives residents the experience of a walk-in store. We are now able to offer 174 men an improved staThJard of accomm(xlation and the dignity ar￿ privacy of their own bathroom. Did you succeed in this obJertive? Yes, the pandemic highlighted how ne￿Sary an outdoor space is to our resident's general wellbei￿, espeoally for those who are less mobile or recoveriry from i11r￿$s. With the lack of open spaces IIKally our garden is a vital resour￿ and sadly it had become overgrown and the deckFng was WomirKJ unsafe. Regdents are very pleased with the newly landscaped garden atKI have commented on how comfortable aThd relaxing it is. Being able to create and additional en suite tedrcKJm on the ground flIK>r further irKreased our maximum occupancy lo 174, and our ongoing Maintenan￿ pr(wramming ensures that the building is being kept in good condition. We make continual improvements to our faalities to ensure we are always tKoviding the very LEst we can for our residents, to make QVSR a secure, welcoming a￿1 pleasant enMrorHnent. QVSR Trustees, Report 2022 0¥P'.. Aimc For QVSR & QVSR Seafarers Centres to be seen as a key partner working within the Maritime community. For QVSR & QVSR Seafarers Centres to play an artive part in Maritime Ministry in the Ports of London, Tilburyi Felixstow4 Immingham and Bristol reaching out to seafarers and striving to meet their needs. For QVSR & QVSR Seafarers Centres to work collaboratlvely with other maritime missions and oryanisations in order to maximise the benefit to seafarers visiting the Ports of London, Tilburyi Felixstowe, Immingham and Bristol. What were the outputs? QVSR SC promded welfare ser￿￿ to over 26,000 seafarers across all of ports in which we operate. QVSR SC continues to maintsin strong strategic relationships with the Seafarers Charity, Trinity House, Merchant Navy Welfare Board (MNWB), and Port Authorities with these organisab.ons providing fund5 and grants to support various projects in the ￿ntre5 for the iEnefit of seafarers. Management of the day-to-day operation of the fwe centres to provide the fdlowirKJ servi￿5 to seafarers.. ship wsiting; free aC￿sS to wi-ri. sale of mobile phorE top-ups arKI sim Cards: foreign exchange; access to comfortable lounges- access to TV aThJ refreshments. sale of clothing and other essential items as well as souvenirs,. access to a 2417 faulity at Tilbury,. access to an outdoor area with sp)rts faolities at Tilbury; Our QVSR Chaplain continues to work collatxiratively alongs¢de our mission partners, GSM, Stella Maris, Mission to Seafarers and Sailors. Soaety, as part of an ecumenical team to maximise efficiency and effectiveness while avoiding duplication of Chaplaincy 0￿ratIonS. QVSR maintains a close workn'ng relationship with the GSM with longstanding role of the loint QVSR/GSM Port Chaplain and dose communication with the Senior executive team located in Bremerhaven. QVSR aLt'vely engages with the Intemational Christian Maritime Asswab"on (ICMA) a5 part of the global maritime family, standing ready to serve wherEver and wherever needed. QVSR SC continues to be part of the Maritime Charity Gr(xJp (MCG) Equality, Diversity and Indusion working party which 5UPPOrts mariiime welfare d￿ritIeS in d*pening t￿1r work around EDI. QVSR SC is Part of the Seafarers, Welfare Criys Wothng Gn)up organized by the MNWB. What were the outcomes? QVSR Seafarers Cent￿S was officially launched in July 2022 at on event at Trinity House which was well attended by our Maritime Partners. This marked offioal ha￿k)Ver of the centres at Felixstowe, Immingham and Bristol from Mission to Seafarers (Mts), Stella Maris, atmi &ilors' Society to QVSR. The QVSR Seafarers Centre5 in Felixstowe, Immingham and Bristol now have a single point of g0veman￿. Previously these centres were managed by Trustees from three Misson Partners which was often operationally counterprodurtive having many different"masters" These ￿ntre5 now join QVSR London Tilbury and QVSR London Gateway (which have IEen U￿ler QV5R management Sin￿ 2016) to form QVSR Seafarers Centres. New bra￿Ing and signage were intrOdU￿d to all of the ￿ntre5, giviThJ a sense of unity to staff and promoting a consistency of Servi￿ to seafarers. QVSR Seafarers Cenlres continued to support seafarers with c(Mnmunicab"on with their families and loved orEs, in addition to prart]cal support with sFK)pping, transwrtation, ￿storal care and general advice. A new seafarers centre facility was promded by DP World London Gateway as a result of changes in the use of their building following the COVID pandemic. The new centre is IIKated doser to the quayside which has improved a(￿sSibIlity for the seafarers. QVSR Trusteeg Report 2022 The QVSR cha[￿ain'$ collaborat*ve approad) of workn.ng with our ecumenical partr)ers in filbury allowed the other centres to see how this m￿le1 could emulated as we exparKled our work across the UK. Our Centre Managers maintain dose wothng relationships with the Port thaplairy Teams to provide an ex￿lIent and consistent SeN1￿ to seafarers. QVSR continued to engage with the Senior management teams at P(Kts of London (PLA), Tilbury, DP World London Gateway, Immingham. Bristol. arKJ Felixstowe in order to foster the best tK)ssible working relationships. QVSR London Tilbury distritKJted over 2,5￿ Christmas par￿$ to seafarws durirKJ Christmas festive Season. The Christmas presents are a Mear￿ of showThJ seafarers valued they are are given as a token of our appreciation. QVSR'S work with German Seamen's Mission (GSM) arml our part￿rship with GSM Bremethaven has continued, with best practi￿ beirrfJ shared across tx)th organi5ations. Did you succeed In this obJective7 Yes, thmu9hout the takeover of the rnanagement of the addibonal seofafers, certres we have tken able to continue to provide essential services to seafarers. QVSR'S Chaplain and ￿ntre staff, worknrw with ecumenicèl chaplains and ship visitor5, have endeavored to rn￿t our obpcti.ves as a charity to support the welfare needs of seaferers visib'ng the ports. QVSR'S standing within the maritime iNlustry remains high as a r￿lt of the takeover and QVSR contributes Immensely to the prowsion of faith based welfare semces for the tErEfit of seafarers and other stskeholders who often share the trhwuillity they ex[￿￿en￿ wFEn ￿￿tIng the ￿nt￿. other welfare supwrt rerKlered to seafarers such as shoppiro, pastoral (are, and hospital visitation has continued to make the centres relevant. Over 5,000 Christmas parcels were distributed to seafarers during the Christmas festive season. The Christmas presents are a means of showitKJ seafarers how valued they are and are glven as a token of our appreciation. AÉMD For QVSR to offer a working environment that encourages leaming and development within an organisation that values all staff members and volunteers equally. Iv To ensure that QVSR'S pay, and benefits are fair and just a￿1 show that employees are valued. What were the Output$7 In 2022 we continued to monitor tension scheme to ensure digible staff were offered the opportunity lo join the company ￿n￿on scheme and coniinLEd to offer a health care cash back scheme. The benefits package continued to impact ￿SItIVe1Y on our staff ensuriThJ they are motivated. The death in Servi￿ benefit was again remewed and benchmarked wth other market providers and wa5 found it continued to provide g(KKb market value in terms of the benefit offffed (which is ajrrently three times an employees, ba￿C salary). In 2022 the volunteer programme contin￿d to operate, allowing 5 volunteers to work at QVSR in one year placements on a fulltt.me capaoty. Various training needs were idenb.fied for vdunteers including Basic Fo(xJ Hygiene. Volunteers are treated as part of the QVSR staff team. Planning and focu5 on the charivs future wa5 emphasiz41 At the Board Away Day, which took pla￿ in March 2022, and again at the Staff Away Day ￿ld in May 2022. Both events were held at the Royal Foundation of St Katharine. Disclosure and Barring Service {DBS) Checks for QVSR Trustees, Senior Management Team membkrs, and volunt￿r5 continued throughout 2022. QVSR Trust'ees, Report 2022 io What were the Outcomes? The diversity of the staff at QVSR is gready valued. ￿nIOr MarkHgement Team (SMT) are always keen to challenge practi￿5 and trends in order that our approach remains f￿sh and innovab.ve ar￿ that the staffing structure in place ensures we are operating effeth.vely as a charity. Regular SMT M*lings. CEO staff briefirKJs, manager led functional team meting aThl shift handovers assist with morale and ensure effective communicab.on throughout the organisab'on. Volunteers a19) re￿iVed regular su￿r￿s1on m￿tIng5 to prowde hn optK)rtunity to check-in arKI ensure they were getting the most out of their time at QVSR. Dld you succeed in this objective7 Yes, employee benefits were reviewed in line with ojrrent best practi￿ and employment legislation and will continue to be remewed and developed. This objettive has impacted posb.vely on our employees as they feel valued by the organisation. The volunteer programme has had a positive impxact on the QVSR community through their engagement with residents wa actimties and events. iv To encourage Continuing Professonal Development fCPD? amongst all QVSR staff members arKi volunteers. What were the Outputs? During 2022 annual appraisals took pla￿ and hs a result of the apwaisals, spe(ific training needs were identified for tK>th all staff and besw)ke indiwdual training. iHasco Learning Management System was introduced to the Ixlsiness to facilitate mandatory training. Mandatory training arranged irKluded health safety training, en￿rgencY first aid at work and f(KxI hygiene. The Employee Handbook and Statement of Employment was rewewed by the HR Manager. The legal terminology of the poli(ies and pr(Kedures has t*en ￿m￿lfIe￿I to meet sièff requirements. There will be further utxlates to both documents in January 2022 to en9Jre compliance with employment law and legislatK)n. What were the Outcomes7 Additional specific trainiTrJ needs were identified and were actioned thro￿hOl￿ the year. Hawng their own self-contained accommodation allows the volunteers to retain their independence and to develop their Social skills with regards to learnirKJ about other countries and cultures as well as worknng as part of a team. The Health shield cash health plan conb.nues to ￿ Offe￿ to all staff, in 2021 the plan was tailored further to meet the need5 of QVSR staff and to also get the best offerirKJs of the scheme. Did you succeed in your ob5ertive? This obiertive was partly met in that ￿ devdopment arKI training n￿5 have b￿n identified aThJ the SMT utilised the iHasCO training suite. ive D3 For HR to look at ueating initiab.ves in response to Investors in People feedback What were the Outputs? To identify representatives from each department to create a group of staff who would m*t regularly to share Con￿rn$ and feedback business updates direcdy to their cdleagues. To revive the Staff newsletter to improve comfflunicalion and transparency. Did you succeed in your objective? QVSR Trustees, Report 2022 li A stsff forum was set up which irKI￿led representatives from each ￿epath￿t, this was to Improve communication and tran5parerKy throughout bugness. A QVSR staff newsletter was created using intmjt from the staff fonjm. Ths ifKILM1ed useful busi￿5 updates and news of staffing changes. QVSR is committed to ensuring that we pay our staff fairly arKI in a way which ensures we attract and retaln the right skills to have the greatest impact ifb devdoping our charitable (￿je{￿ves. In accordance with the SORP (Statement of RecommerKle(J Practi￿} (FRS102) QVSR: disdoses all payments made to Trustees (NB no Trustees receive a 'salary?; disdoses the number of staff in receipt of remuneration of more than £60,000 {in bands or £10,000). disdoses the policy for pensions and other staff tEnefits. QVSR has a Finance Committee comprising of the QVSR Chair. Chair and VI￿ Chair of the ￿nance Committee and two other Trustees. Tr cCKnMitt￿ m*ts quartedy and remews remurErotion for all Staff. The CEO and Finance Manager attend the m￿tIng5 {leaMng durirvJ dixussons regarding staff remuneration). The main responsibilities of the Committee are to: review the QVSR salary stnthjre against an agreed irKSeperKJent market t￿n￿mark tool arml make amendments as appropriate to ensure that QV5R salaries remain competitive; determine the remurEration package of ￿0. approve the annual percentage (cost of liwThJ) increase in payroll for all staff (which can be zero) taking into account the most recent inflation figures. determine penson arraroements. In 2018, the Board decided to intr(x1uce the London weighkn.ng Allowance to hdp with the cost of living for people who work and commute in and out London. Full ts.me staff conb.nued to recewe an extra £3000 (pro-rota for part-tiflle staff) in their annual income. QVSR is proud to offer the LoThJon LiwThJ Wage. In re4K)nse to ￿ new in(reased rate of the London ￿VIng Wage QVSR will ensure that our pay rates will be in line with this increase. Consequently, staff who fell under the London Liviro Wage received an Irtsease up to £1 1.05 per hour effth.ve from January 2022. Delivery of QVSR'S charitable viyon arKI obFrtive5 is primarily dependent on our staff which is the largÈ5t %ngle element of expenditure. In July 2022 QVSR awarded all stsff a 6% uplift in salary. Targets for 2023 QVSR Taryets: Updated Business Plan for 2023-2028 With the introduction of QVSR Seafarers Centres. we will review and utthte the business plan for 2023 to 2028. Reviewing & Relaunching QVSR'S Core Values (Ca￿led over from 2022 Targets) Having Initially started as a project entitled 'Residents First. to demonstrate the charity's commitment to provide the best services and facilities for residents, this has now evolved to encom￿55 the rewew and relaunch of QVSR'S core values, based on the acronym'SERVE'. The core values are ￿￿er￿l￿ne￿ by putting QVSR Trustee< Report 2022 12 Residents and Seafarers first in the ser￿￿ we offer. Our strap line would be for a￿0MmodatIOn.' "Residents First", and for Seafarers, centres= "Seafarers Firsr. 180th Anniversary Celebration To mark 180 years of serving seafarers. veterans of the armed forces and others in need, we will hold an anniversary event that will mark our achievement, recognise the contribution of those within the organis3tion and give thanks to our external partners for their suppixt over the years. Front Facia Projert (carried over from 2022 Targets) QVSR has invested around £8 million to modernise our acCoMr￿K1atitsn a￿1 now all 175 room5 are of a hotel standard. Our attention is now focussed on the exterior of the building where renovation is needed and our desire is to make ttr￿ improvements by our 180th anniversary in 2023. We plan to transform the rather foreLy)ding exterior by rendering it in a bright white finish. this will not only modemise the building and make it more welcoming but will also increase our efforts towards energy conseNation as it will provide thermal coatiry, as well as sound pr(K)fing from the busy main ro￿1 (A13). Roof repairs on roofs at back of building Repairs to r(K)f aLx)ve r(K)ms 2301- 2309 will be caNied out to ￿SUre the r(K)f areas are watertight and prevent any potential damaged from water IThj￿$s. Replacement of windows (ongoing) Tris is being done on a cyclical basis due to the hlgh numlRr of windows in the building. The new windows will be more energy efficient. Repairs are also r*eded to some of the wiThJowsi11s which a￿ cwmbling and present a potential danger of falling masonry. Remodelling of building layout and introduction of hotel references for wings of accommodation (carried over from 2022 Targets) This project will l(K)k at putb'ng in pla￿ a system whereby eoch wng of accixnmodation is named for ease of reference. This target was delayed due to ￿ rebrandiThJ project. (In 2022 QVSR refreshed its corporate identity by changing its logo to reflect a more mcmlem feel. The seafarers. ￿ntre$ and the acccwnm￿at1On seNices now have the same logo and brand.) Conversion of Rigden Street Manse into a Guest Flat This will allow us to have a room permanently available for artive seafarers Wi￿ting London for pleasure, training events, ship transfers or recureration after illness or operats"on. Aftercare Pilot Project (ongoing) 2023 will be the final year of the 3 year Lottery Funded project to provide outreach support for those who move-on from QVSR to independent liviry and to a595t them where n&ed in maintain1r￿ their new tenanoes. The aim is to identify any ongoiry rheeds arKJ IK)W to add￿5 these need5 in order to minimise the risk of the individual returning to homelessness. Review of QVSR'S Welfare Service {CaTried over from 2022 Targets) QVSR will undertake an external and independent review of our welfère ènd housing support to further develop and strengthen the service provided to residents. Development of links with homeless seThices (ongoing) QVSR will work to develop links with homeless servi￿$ across London to strengthen our ties with other organisations, understand best practice within the ￿)MelesS sector otKI deliver seN1￿5 that add to or complement those already in existen￿. Implementation of Bright HR {ca￿led over from 2022 Targets) Following on from the HR systems review in 2022. staff rotas, timesheets, annual leave requests, time and atterK]an￿ and absen￿ monitoring will tE migrated from SAGE to &ight HR, an HRIS (Human Resources Information System). This will allow i￿tter repo￿ry arKI monitoriry,. it ￿11 also provide an optM)rtunity to LEcome more papedess. HR Sharepoint (ongoing) This will be a central knowledge kx)int for all staff. and will irKlude extensve irbformation on leamlng, tèlent acquisition, Iknefits, engagement, and wellbeing. SharePoint will SUp￿rt our commitment to continuous professional development through techTh)logy, kTh)wledge sharing, oThJ iransparency on our people and culture initiatives. Investors in People- re-accreditation The next review will be due in the third quarter of 2023 and will incl(hJe a staff suNey and interviews with Staff who are selected èt random by IIP {Investors in People). SUc￿$s or re-aCc￿ltatIOn will be based on initiatives put in place to improve policies and pro￿SSes, arKI staffs experien￿ of workn.ng at QVSR. qVSR Trustees, Report 2022 13 Relaunch of QVSR Website In light of the potenb'al expansi(￿ of wr manageynent of other seafarers, centre the QVSR website will be rewewed and rwsed. Social media output (Instagram, Twitter & FacelN)ok}- an ongoing taryet To continue to expand on promoting QVSR'S wort via p)sts on ￿JaI media platforms and L￿den and engage with our a￿le[KE. QVSR Seafarers Centres Targets: To establish robust finanaal controls and standardi5e the accDuntir¥J pr(Kedure5 across all ￿ntre$. To carry out a programme of refurbishment of the ￿fitreS in ImmiThJham. Felixstowe and Bristol, and to offer 24hr centre aC￿$S where tK)ssible. To develop and enhance the serwces at rilbury arKI ueate o satellite centre at ttE Londori Cruise Terminal. To work with DP Worfd London Gateway to set up a rEw facility doser to the quayside. To review operational pr{￿edureS arKJ fully align atlministrab.ve processes across all cenlres. To further our engage￿nt with l(Kal community groups and maintain cNJr strategic ielationships with port authorities. To contribute to the provision of faith based welfare serwce5 in Ports for the benefit of seafarers ènd other stakeholders who often share trawuility they experience when Visitir￿ the centre. Detailed below are QVSR'S KPIS arKI by what means the (harity undertakes to dem(￿Strate ￿)W they are met al￿ their impact. TrusleeslDirectors monitor a number of strategic aims with partiwlar attenti￿ given to.. Charitsble expenditure- Planned, 5trategK, and mission l& Occupancy- demonstrating need, finanaal ￿ath"llty and impact measurement Partnership working and networking - recognising limitab.ons of our own skills andabilities ènd the ability to have greater impart through worknng with others to ensure effiaency and cost effertiveness Move-on of residents - retenlFon of residents. wo￿ng with rewd￿ts to develop tI￿r ski115, looking t appropriate solutions andmove-on opporturrities and wo￿ng in partne￿hIp with others to achieve these gools Resident feedback - quality of our accomnnlation and faalilies effectiveness of our welfare support packages, resident development and opwrtunity for move-on, community values which encourage mutual respert and togethemess. The results for the year ended 31 D￿rnber 2022 are given in Statement of Financial Artiwties on page 25. The assets and liabilities as at 31st D￿Mb￿ 2022 are given in the consolidated Balance Sheet on page 26. the Charity BalarKe Sheet on page 27; and the Statement of Cash How appears on page 28. The Financial Statement should be read in conjunth.on with their related notes, which appear pages 29 to 41 and have been prepared in accordance with relevant laws And the Charilies SORP {FR5102). The Trustees are pleased to report that the Charity has recorded net income of £803,913 during the year rewrted and these funds will used mainly towards the improvement of the tharity's programme. QVSR generated £4.27 million from its various streams of income, of which El,048,432 was Restrirted Funds consisting of grants received towards the costs of the oThJoiro redeveloJNnent programme, and the acqui51tion of net assets for the three addib.onal Seafarers, Centres. After excluding Restricted FutKls grants, QVSR recorded a reducbon in revenue inc(Nne for 2022 of 10.7% compared to 2021. This reflects the increase of the tradirtg actiwties within the group whid) is now QVSR Trustees, Report 2022 14 inclusive of the three new additional Seafarers Centres. During the same period QVSR expended £2.84 million to provide a high standard of service to residents along with knfarers, and the local community. The cash posiknon of 11.003,807 as at the end of 2022 irKreased from what was held in 2021 due to increase In capacity and the impact of new athjibonal centres . > The group's income streams, with Housing Benefit being the primary source, continued to remain steady, Ilowing QVSR to meet its finanaal obligaticKs as tw arose arml ensure QVSR ￿mained a going concern into the futurtr. Finally, QVSR has continued to ublise its 5urptus earnings towards ttE redevelopment prffjramme In order to m(￿erni$e the quality of accomrntKiation and improve the welliEiru of its residents and seafarers. In order to support seafarers, a new subsidiary QVSR Seafarers Centres was formed in the year. QVSR Seafarers Centres is a 100% owned subsidiary of QVSR which acquired net assets of Port of Bristol Seafarers Centre (Charity Number 286078}, Felixtowe and Haven Ports Seafarers, Se￿￿ (Charity Number 272077) and Humber Seafarers. se￿￿ Limited (Charity Number 1159953, Company Number 08432595} on the 30 June 2022 which were gifted to (tsrity for nil (x)￿deration. As from l July 2022 the group qErated for remainder of ￿ periiKI tO9ether to 31 December 2022. In rn As ￿quired by the Charities SORP (FRS102), ￿ Trust￿$ ccffifimi ￿1ve.. revlewed the major risks faong QVSR; put in place prtKedures to mitsgate these risks. Speafically, a 36 point Risk maTrage￿nt Register is maintair￿. This register is rewewed by the Trust*5 and QVSR management. Exisb"ng procedures are considered to satisfart(Ky to address the risks identified. The Trustees consider the following to be the key risks facirvJ organi58tiw: QVSR is highly dependent on govemment fuThliThJ wa the ￿nefitS system in order to finance its operation and is subject to the economic enmronment and the impact this could have on its work. The current impact of public spending reductions is closdy monitored to eth5ure that priorities ore reasseswl as necessary in a fast changing environment. Trusteesldireotors are kept vp to date Board m￿tIr￿js. QVSR needs to recruit and retain the staff and volunteers who can deliver Se￿1￿5 of the highest quality for its residents. This is ￿￿traI to our strategic plan arKJ we aim to ensure staff arKJ volunteers are promdeis with the support and training they need to deliver the strategy. QVSR recognises the lm[x>rtan￿ of safeguarding its residents in all areas of our work. The charity has a safeguarding poliry which applie5 to all staff. arKI volunteers wFK> have regular contact with residents. Thls tK)licy is supported by relevant training arKI t1￿ D8S (Disdowre Baning Setvice) checking of all staff, volunteers and Trustees. QVSR group's main activity continues to remain heamly reliant on statutw funding (providing over 69% of general income streams) and operates alongside the concI￿lIng phase of a complete internal upgrading of accommodation ar* atteni5ant facilities. QVSR'S Finan￿ Committee, acbrKJ on behalf of Trustees, maintains the Charitys Reserves Policy in lir￿ with the Charities SORP {FRS102). General Reserves are required to sustain the Charitvs activib.es in the event of reducbons in the revenue income streams, primarily of statutory fundiry. in order to ensure that suffioent worf(ing capital resources are available at all times to enable obligations to te met as they become d￿. From the foregoing, the Trustees QVSR Trustees, Report 2022 r￿. 15 have agreed that the target free General Reserves 5￿Uld ￿ set at six m￿th5 nom)al revenue expenditure, whith currently equates to £1.45 million. As al 31st December 2022, the Charity held aggregated total funds of £13,522.208 of which £1,255,017 was General Reserves, Ell,661,761 was Designated Reserve Funds. and £605,430 represented Restrirted Fur￿5. De&gnated Reserve Funds are wholly tied up in Taryible Fixed Awts. mainly free￿1￿ properties which in the event of a sale would have reslrirtions placed on use of the sale proceeds. There is a mortgage secured the main fr￿hOld prorkrty and the total c￿rtSta￿l￿j ot the year-end st(xxl al E749,270, which represents a gearing of about 5.54%. Total free General ReseNes held at 31 Decemter 2022 amounted to El,255,017 which is below the reserves target of £1.45million. The Board of Trustees agreed to conb.nue this temtK)rary [neaSU￿ into 2022 to enable completion of the property redeveloprnent programme, ￿k￿ling re￿Ipt of agreed or antiapated grants. When this programme is completed, the Trustees intend to create a speo.fic Deggn6ted Reserve Fund to provide for significant future improvements and repairs to the group's protErties aThJ it is proposed to fund this by an annual transfer from the operatiry surplus. Overall, the gmup continues to te in a strong fina￿la1 positi(￿ arKi thrO￿h the fvnar￿ Committee, the Trustees are tx)mmitted to remewing ihis Reseryes Policy as ne￿SSary but not less than annually. Investments During the year. the group took over the management investment worth E291,549 with CAF Bank from the Seafarers centres acquired. Also the Charity's reserves in managed investsnents with the Central Finan￿ Board (CFB) of the Methodist Church. FurKls were split equolly Iktween Managed Mixed Fund and the Epworth stewardship Fund, following adm￿ r￿e1Ved from the C.F.B. Investment Management Tearn. In addition, the Charity maintains significant hjnds on immediate ac￿5$ deposit account with C.F.B. of the Methodist Church. QVSR'S Board governs the QVSR and QVSR Seafarers Centres charities h3s a maximum of twelve Trustee5lDirectors. These TrusleeslDirertors are aptx)inted by QVSR'S B03rd and are ratified by the Methodist Cwncil. Trustees are appointed by unanimous vote. Appointments 3re for a four year pericxy. > Under the current Charity Scheme dated 10 March 1998 of Queen Vittoria Seamen's Rest, Trustees are appointed for a four year period but can be re-electe(l at each fourth annNersary. Any ne￿Y Op￿inte Trustees assume the remainder of the tem) of the apkK)intment for tIE Trustee they are replacing. The above situation pertains to tK)th the unirthrp)rated and the inc(Kporated charities, although the incorporated Company {QVSR) is also required to re*lert one-third of its Directors WFK) retire annually at the Annual General Meeting (AGM). > The Board annually l(K>ks at the skn.lls and abilities of TnbsteeslDirectors ènd measures these against activities and targets. Training artivities are arrawl for Trustees/Llrectors according to individual and organisational needs arKI reviewed annually. New TrusteeslDirectors are sought according to indiwdual and orgarisational [￿ed5 and vacancies are advertised in the Methodist Recoryler and local newspapers. Potential trusteesldirectors are invited to submit a written application, which is scrutinised by the Board and suitable applicants are inteNiewed before being proposed as TrusteelDirector. All new Trustee51Oirert￿s ère given an induction pack which includes QVSR'S strategic busirhe5s plan arKI are directed to QVSR'S webs￿e. QVSR endeavours to send new TrusteeslDirectors on relevant Irainir¥J course5 ar￿ the Chief Executwe introduces new Trustees/Dirertors to the staff teaffl, to give them an insight into the day to day 0￿ratiOn of QV5R. Professional consultants are used to advise the Board on specialist areas. > The TnJsteeslDirectors provide leadership a￿fj direction for the charity. setb.ng the wsion, mis%on and strategy, which are delivered by the Chief Execubve and his team. The Trustee5lDirector5 arè legally responsible for en5ufing that resour￿ are used pr￿lendY arNJ only in supwrt of QVSR'S objects, for QVSR Trustees. Report 2022 16 stewardship of QVSR'S assets. arKi for ensuring that the (harity (nm ￿leS with all relevant legislation and regulation. QVSR'S Board meets four b'me5 a year and is supported by Finan￿ Committ￿, which also meets four times a year. and oversees all finanoal related matters of the (harity,. and by the Governance Committee which oversees legal and finanoal Structu￿ and attheren￿ to g(KKJ wath.ce regardiw charity governance. Ad-hoc sub-committees are also fom)ed from time to time to ¢Jeal wilh speofic issues such as restructuriThJ or redevelopment work. The sub-committees a￿ chaired by TwsteeslDirectors and attended by staff. Each committee has its decisions ratified by QVSR'S &)ard Whe￿ appropriate. The day to day running of QVSR and the exerose of executive restx)nsibility are delegated to the Chief Executive. > During 2022 Mr Roy Wadeson atKi Mr Barry Vaughan resigr*d from QVSR'S PA)ard of Trustees and Revd Jennifer IMEEY and Mrs Nadine Wilkinson were aptK)inted as Tnjstees. > Internal Governance Review Following the Internal Governance Review held in 2021. a ttumber of chonges to QV5R's M&A's, goveman structures, t)olicies arKI procedures were implemented in 2022. FUrt￿r thanges will be made in 2023 to ensure compliance Mth legislation, the Charity Governance C(Kle and g(KxJ tharity practi￿. The intemal Rewiew will be complemented by an extemal, lThkpEn￿nt &)vemano Review. > Introduction of OnBoard- QVSR'S Intranet site for staff and trustee use QVSR'S intranet system Is now in regular use allowirKJ improved communication amongst staff and enabling have a£￿55 to tK>lioes and procedures. TrusteelDirectors use OnBoard for secure access to policies, procedures, Board and Committee agerKias and papers, aThJ other key govemarKe documentation. All of QVSR Board are voting member5 and have the right to vote at generdl meetings. Irb addition, QVSR has a number of members who a￿ not Board members. QVSR'S memttrs have the right to atterKI, speak and vote at general meetirvjs. QVSR members are listed on page 17. QVSR'S volunteer pmgramme consists of a ￿fIlerK11fig SeN1￿ in which ￿l￿nt￿$ engage with residents by organising recoational actiwties thLbS (Jeating a community spirit. Tr Fryramme helps to create a supportive nd empowering environment for residents as well as volunteers. The programme of activib'es creates a more welcoming and h￿elY atmosphere dErefore enabling the charity to identify the needs of our residents as well as alleviati￿ isolation, tx)redom and enhance the lives of our ￿sIdents. For 2022 the volunteer programme initially 4 volunteers at QVSR our partnership organisafjons, Action Reconciliation Service for Peace ond Time for GtKI. In the later part of 2022 QV5R welcomed 5 new volunteers which enabled us to continue creatirKJ a sense of comwnunity thr(MJgh activities such as bifigo, qLJizzes, and various sporting competitions, whilst adhering to the ongoirvj changes with regards to the pandemic restrictions. volunteer programme continues to evolve and have a p)sitive impart al QVSR ft)r our residents and for the seafarers visiting our centres, os well as enriching the life experien￿ of our volunteers. The Trustees and Chief Executive acknowledge that the Int￿￿ of our volunteers greatly enhance5 our artivities programme, and trEir skills and dedication are invaluable to the charity. QVSR Trustees, Report 2022 fTr The Trustees (who are also the dirertors of QVSR for the purFK)ses of ccffipany Law} are responsible for preparing the Trustees, Annual RetK)rt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United ￿[￿jd0[n Generally Accepted Accounb"ng Practice). Company law reQUi￿S the Trust￿ to wepare finan(ial statements e￿h financial year which give a true rKI fair Mew of the state of affairs of the charitable company and of the surplus or deficit of the tharitable company for that ￿ll0d. In preparir¥J these finanoal ststerrents. ttE trustees are rwuired to.. select suitskAe accountirwj wAiaes and then apply t1￿) cOn￿stendy1 observe the methods and prinaples in the Charits"es SORP; mhke judgements arn1 estimates that are reasonable and prudent. state whether applicable UK Accountiry StarKbards have been followed, subject to any material departures disdosed and explained in the financial statements- prepare the finanaal ststements on the goiThJ conwn basis unless it is inappropriate to presume that the company will continue in tmjsiness. The trustees are resF#)nsible for keetxng pro￿ accounting ￿ordS that disdose with reasonable accuracy at any time the finanaal position of the charitable company enable them to ensure that the financial statements comply with the Companies Art 2006. Tlw are also resrongble for safeguarding the assets of the charitable company and the group and he￿￿ for taknng reasonat￿e steps for the prevention and detettion of fraud and other irregularilies. In so far as the trust￿ are aware: there is no relevant a￿lt infomiation of whith the charitable compan￿5 a￿ltOr is unaware. and trustees have taken all steps that they ought to have taken to make themselve5 aware of any relevant audit information and to establish that the aL*Jit is aware of that infomiation. The truste￿ are responsible for the maintenarKe arKI integrity of the cortK)rate and finanoal information Included on the CoMpan￿S website. Legislation in United KitNJdom goveming the preparation and dissemination of financial statefflents may differ from legislation in other jurisdictions. Board of TrusteeslDirectors & Members throughout the period up to the date of approval of the rinancial statements Mr Teren￿ J Simco, MBE FIW(Acc) MNM (Chair) Revd Jennifer Impey (apw)inted March 2022) Sir Alastair Norris Mrs Tneodora Ogwezi Mr lan Pattison Ms Geraldine Pearce Mr Philip Sheppard Mrs Mathilda Smal1-Byam Miss Jean Thomas Mr Barry Vaughan (resigned SepteM￿r 2022) Mr Roy Wade50n (resigned July 2022) Mrs Nadine Wilknnson (appointed Marth 2022) CEO I Company Secretary Mr Alexander Campbell OBE JP MNM MSC BA Cmgr FCMI Members Revd Cameron Kirkwood Revd Dr Mike Long Mr John Singleton QVSR Trustees. Report 2022 18 Auditors Moore Kingston Smith LLP has indicated its williThJness to continue in offi￿. A resolution proposing its reappointment will tE submitted to the Board meeb.ng approving the annual ac(Junts. Uniting Dlrectlon The accounts of QVSR have been aggregated with Qu*n Virtoria Seamen's Rest urKier a UnitirvJ Direction on 22nd A￿11 2005. Small Company Rules These financial statements have been prepared in accordarKe with FKow&ons applicable to companies subjett to the small companies, regime within Part 15 of the Companies Art 2006. v order of the Board .J Jean Thomas Trustee Date." 04/03/2024 QVSR Trustees, Report 2022 19 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR ## **Opinion** We have audited the financial statements of QVSR (the ’company’) for the year ended 31 December 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 December 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page: 20 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - trustees’ annual report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion: - the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of Page: 21 ## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation. - We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. Page: 22 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF QVSR - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed. Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP Date: 04/03/2024 Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. Page: 23 QVSR Consolidated Statement of Financial Activities incorporating a Conslidated income and Expenditure Account General Funds Designated Funds Restricted Endowment Funds Funds Funds 2022 Funds 2021 INCOME AND EXPENDITURE Income Income from donations and legacies". Legacies receivable tbnalion and Appeals Income Income from Investment Inveslrnent income Activities In furtherance of the char¢tYs objectives-. Restaurant and Shop Hostel Rental Income Grants Incotne Seafa￿r Cèntres Other incotne 11,008 2￿.243 11.008 794,843 1,777 22.305 588,600 14.222 14.222 2.207 612.887 2.222.466 612.887 2,222,468 6.500 359,442 205,429 51.644 319,450 2,120,815 6,850 215,652 174.838 43.875 359,442 110,390 95.039 51.644 Total Income 3.220,(X)9 .058.432 4,278.441 2,907,769 Expendltur&s Charitable activil*s'. Restauranl and Shop Hostel Seafarer Centre Propety Samarilan work 522,602 1,660.555 415.488 20.976 179,233 197.447 204.777 201,641 720.049 1.915.332 617,129 20,976 179.233 564,520 1,599.283 174.701 13,768 156,070 50.IKJO Total Expenditures 2,798.854 603,865 3,452,719 2,508,342 Net Incomel Expenditure for the year 421,156 454.567 825.723 399,427 Transfer Between Funds 7.344 428.$00 7,344 17,3441 Other recognised gains . Loss on fixed asset investments I50.0￿} 454.567 825,723 399,427 11.810 11,810 38.726 Net Movements in Funds 416.6 (so.￿) 454.567 17.3441 813,913 438,153 Opening Funds at 1s1 January 2022 838,327 11.711.761 160,863 7.344 12.718.295 12,280,142 Closing Fund Balan¢es 1.255,017 11.661,761 615,430 13.532,208 12,718,295 Coriesponding year figures (note 17} are on page 38. Al amounts relate lo continuing ac1wit￿s. There have been no recognised gains or losses. othei than the result5 for the financial year. and all suipluses or deficrts h8ve been accounted lor on an hsstorical c05t basis. The notes on page 27 10 39 from part of these finanaal Statements. Page." 23 QVSR Consolidated Balance Sheet At 31st December 2022 Note 2022 2022 2021 2021 Flxed Assèts Tangible Fixed Assets 12.729,525 12,535,707 Inve5tments- CF8 Managed Mixed Fund EP Climate Steward Fund CAF Fixed Interest Fund CAF UK Equity Fund 106,024 116,683 94,333 197,216 13.243,781 121,974 130,151 12,787,832 Current Assets Stocks Debtors CFB Deposit accounts Cash at bank and in hand 27,982 325,178 528.495 555.312 1,436.967 4,703 238,312 576.565 274,210 1,093,790 Currant Liabiliti&$ Credilois." due within one year 399.271 277.826 Net Current Assets 1,037.697 815,964 Creditors". due after more than one year Total Nèt Assets 749.270 13.532,208 885,501 12,718,295 Funds Employed Equity General Funds Designated Funds Restri¢led Funds Endowments Funds 10 10 1.255,017 11,661,761 615.430 838,327 11.711,761 160,863 7.344 12,718,295 12 13.532,208 The notes on page 27 10 39 form part of these finarrial stalemenls. These financial statements have been p￿pared in accordance with provisions applicable lo companies subject lo the small Companies regime wtthin Parl 15 of the Companies Aci 2006. The financial statements were approved and aulhorised for issue by the Board of Trustees on 4th March 2024 and signed on its behall by-. Authorised Signatory Jean Thomas Company Number. 5218014 Page." 24 QVSR Charity Balance Sheet At 31st December 2022 Not• 2022 2022 2021 2021 Fixed Assets Tangible Fixed Assets 12.607.192 12,535,707 Invèstmènts- CF8 Managed Mixed Fund EP Climate Slewafd Fund 106,024 116,683 12.829.899 121,974 130,151 12.787.832 Current Assets Stod(s Debtors Related party •subsisary CF8 Deposit accounts Cash at bank and in hand 4.703 238,312 261.498 528,495 207.970 1.(X)1.965 576.565 274,210 1,093.790 urrent Liabilities Cieditors". due vMthin orhe year 348,542 277.826 N81 Cuffenl Assets 653.424 815,964 Creditors.. due after MO￿ than one year Total Net Assets 749,270 12.734.053 885,501 12.718,295 Funds Employed Equlty General Funds Designale(l Funds Restricted Funds Endowments Funds 10 10 901,429 11.661.761 170,863 838,327 11,711,761 160.863 7.344 12,718,295 12 12.734,053 The noles on page 27 to 39 fomi part of these finarKxal slaternents. These financial statements have been prepaied tn accordance with provisions applicable to compani6s subject lo Ihe small companies regime wthin Part 15 01 Ihe Companies Act 2006. The financial stalemenls were approved and authorised for issue by the Board of TruSt￿S on 4th March 2024 and signed on ils behalf by.. Jl Authorised Signatory Jean Thomas Company Number.. 5218014 Page 25 QVSR Consolidated Cash Flow Statement For the year ended 31st December 2022 2022 2021 Cash Inflow from operating activities Nel cash provided by operating activities 718,121 518,348 Cash flows from investing actlvltles Investment income and inleresl received Interest paid Purchase of Investments Payments lo acquire tangible fixed assets 14,222 132,262) 2,207 134,1331 148,780 166,820 426,299 458,2251 Cash flow from financing activities Loan repayment Related party-subsisary 1136.231) 60.000 19S,231 {136,2311 136,231 Nel increase in cash and cash equivalents Cash and cash equivalents al beginning of year 153.032 850,775 1146,4901 997,265 Cash and cash equivalents al end of year 1,003,807 850,775 Reconciliation of nel income to nel cash flow from operating activit￿$ 2022 2021 Nel income including endowments 813.913 438,153 Adjustment for '. Depreciation charges Investment income Loss on Investment Interest paid Decrease Illncrease ) in stock Increase debtors Increase in creditors Nel cash provided by operating activities 95.947 {14.2221 11,810 32.262 (23.2781 186,8861 {111,4451 718,121 77,480 12,2071 138,7261 34,133 12191 125.4571 35,191 518,348 Analysis Al 01101r2022 Cash Flows Al 3111212022 Analysis of changes in net debts Cash Cash equivalents 274,210 576,566 850,776 201,102 48,070 153,032 475,312 528,496 1,003,807 Loans falling due within one yeai Loans falling due aller more than one year {136.230} 885.501 170.955 {136,2301 {749,271 885,500 136,230 289.262 Page 26 QVSR Notes to the Financial Statements For the year ended 31st December 2022 Accounting Policios Basi5 of preParat￿)n Th& financial ststernents have been p￿par￿1 Ur¥j￿ the historul cost C￿VentiOn ￿th items ￿¢¢gniSed al c051 or transaction value unless othetWi5e ststed in the rekvanf notelsl to these financial statements The financial slalèments have been prepared in accordance wlh Ihe ArLountwvJ aTh1 Reportry by Charilies StalenEnl of Recommended Practic& applicable lo CharilEs prepariTr4 their accounts In accorda￿ wlh the Finanoal Rèporting StstKlard applicable In the UK and Republic of Ireland IFRS1021 including U￿ate BUI￿lIn 2. {Charil￿S SORP IFRS 1021, the Fmanual Reporting Standard applrAble in the UK and Reput￿￿ of IrelaTh1 IFRS 1021 and the Ccryanies Act 2(￿. Consolkgaled a¢¢ounts of the group have t*en prepared in VEW ol the size of QVSR and the group infOrMat￿n about the Subsidiary is given in note 20 As pertnrtted by s 408 Companes Aci 2(￿, no separate statement of financial activity is preseniedin respect of th8 parenlcompamy. The parbculaf ac¢ounlin9 pol￿￿$ adopted ale de5CtknI below. All accounting polK*S are o)n$i8teni wlh pritsT years. Accounting Convention The financial slalemenls are preparwj urhyer the hisiorr21 cx)sl (X)nbEnI￿D a5 by ihe revaluation of investments lo market value, and in 8ccordance wth applicabte accountirvj standards. The finanual Staiemenl are prepared in 51efiing which Is the fun¢iional currency of Ihe chantabk Cornpany. Monelary amounts ￿ these finanual slalemenls ar& rounded Its Ihe ne8resl pourKI Fund Accounting The Charity maintains various types of lunds 35 fdlcrw5.' R8slrict8cI Funds Restricted funds represent grar¢ts. donalK*ns atKI ￿aCEs re￿￿1 a￿ allocated by the donor for specific purpose5. Purchases of fixed asse15 wthh reslrKled funds are to be satisfied once Ihe purchase has taken plxe and theiefore these restricted fu￿ balances are released to unreslricled 9eneral funds the r88triclh)n is deeff￿d to be on a permanent basis. Endowment Funds These were esiablished by e￿j0￿￿ts r￿￿erf in past The T1￿￿18eS have •Jopted a sxjlicy of vtilising the interest earned on the invested funds. Unreslncted Funtls Designated furKSs a￿ atnount5 ￿lch have put ashje oul of unre5tricled luTrJs at the discrebon of the Trustees. In particular Ihese Ind￿je. the Building Devebpment Fund. whicth was esiabli8hed by the Trusiees to sel aS￿e Tnonies in the event that the Charity May need to Gqrry out significant fflaintenance. relurbtshmènt arKY renewal works on It5 f￿e1K>Id buildings. The fund i5 also being accurnulated towards a coniinued phased fedeveb￿nl0f Ike Mission. Ge￿ra1 unrestricted fuTrJs represent inc(xne which ￿ expe￿Jab￿ at the dtsuetKJn of the Trustees In the furtheran￿ of the objects of the Charity. Such funds may be hekj in order lo finan￿ both workiry r2Pital and capital d&veloptnent Within the unreStr￿ted funds. Ihe Tru51ees have hYenlif*d certain amounts as Oe5NJnated, speoficaNy.' 1. F￿ed Asset funfs. fepresenbfy Ihe value ol the Land and buildiros occuped by Charity. 2. Queen Victorkg Seamen's Rest. represent the reserves he%J by the ok1 chanty thai have been aggregated wth QVSR under an Uniting Direction. Income All Income Is re￿nised in Ihe Slalemenl of Financial Actwits"es when Ihe u>r￿diDn$ for recept have been mel and the￿ is reasonable probability ol retsipi Where a daim for repaymenl of income lax has or vnll be made. such income is grossed up for the lax recoverabb. The follthmng ac¢ounlir¥J w)IiLJp5 are applied to ￿0￿ne.. Grants Retsivable Grants are reco9nised in the Slalemeni of Finanoal ALtriti8s vthen the uJndrtiMs for re￿Ipt have been cornplied Nwth. Gifts in Kind and Donaled G(MxIs Assets re￿nied by the Charily for distTftkut￿￿ are recognised as incorne in Ihe year they are distributed Where such undislribuled assets exist al the year end. Ihey are not induded in the accounts a llole 15 provided of their eslinaled value. As5els given for use by Ihe Charity a￿ ￿cogni￿￿ as incornir¥J ￿sOUrCeS al Iheii esiim8ted tnatket value when receivable. If they fortn part of the fiKed asseis at the yeaf end. they are ind￿Jed in the balan￿ sheet at the value èl which Ihe gift was incluosed in incorn¢Dg resources. Assets given in ￿nd for conversH)n into cash arKI subsequent app1Kat￿n by the Chanty are recognised as In￿Me in the accounting period when receNab￿. Ml esbmates of value ol such 9ifts are made bythe Trustees. Page." 27 QVSR Notes to the Financial Statements For the year ended 31st December 2022 (continued) 1 Accountlng Policies {Continuedl Income {continuedl Dorjalions and Appeals Income Donalons and all other receipts from fvndia1￿ng are reported gross of the ielated fundraising costs ￿1 asswated costs are discbsed separately in the Siatement tsf Finanual Acbvilies. Inv8StmenE InGome Investrnenl incotne is accounted for on an accnjal basis. Rental Income Rental income is accoLFnted for when receivable. Golng Concem The trustees have assessed whether the use ol the going concern basis is appropriate and have conSide￿d possible events or conditions that might casl significant doubt on the ability of the Charity lo ctsnb.nue as a going COn￿M The trustee5 have made Ihis assessrnent for a perFod of at least one year from the date ol approval ol the financial slalemenls. In Pa￿cUlar the trustees have considwed the Charitys forerASts and projectsons and have tzken account of pressures irtome. After making enquines, the trustees have conduded that there a￿ no rnaterial uncertainbes an(J that the Charity has adequate resources to conb'nue in opeiabonal exislences lor rhe foreseeab￿ future. The Charity therefo￿ continues lo adopt the 90in9 concein basi5 in prepanng ils finanaal staternenls. Expenditu￿ and Basis of Allocation of Costs Expenditure is Included when incurred Wherever possit* o)sts ale ￿1￿￿ted directty to actNib"es. Staff costs arè allocated according to the cost of 51aff wothin9 direcuy in the relevant departments Where costs cannot be directty attributable to any department Ihey have been app￿IOned accordin9 to Ihe proports.on of staff wtsrkin9 in each department. Direct Charitable Expenditure Direct charitable expenditure includes all expendilure directy related lo the obj.eds of the Charity and comprises the following- Reslauranl and Shop Restaurant and shop expenditure comprises the cost of provi&on of these laalitses Hostel Hostel expenditure comprises the cost of provision of this faality. Samarilan Work Expenditure on Samaritan work comptises Ihe costs of the cafe prwammes undertaken by tre Charity and 15 accounted lor when payable Seafèrer Centres Sealarei Centre cornprises the cost of providing welfare and support seNtrs f(K sealare15 at the ports of Tilbury. Bristol, Immingham . Flexistowe and OP World London Galeway. Tanglble Fixed Assets Assets with a cost ol greater than £1.000 are capitalised and are held at O)St. IT experkyiture is written off whe PLJrchased. Deprec*ation is not provided lor in the year of purchase or yearof ¢Yisposal. Nts piovision lor depreaabon Is tnade In ￿spect of [reeh￿d land and buildings. eX￿pt for the boiler and elevator The Trustees consider it unnecessary lo depreciate Ihe buildings as the effect woukj be imtnalerial due to the market value ol the land and buildings lo be greater than cost. Constant ￿Pat[S and renewals work Is c2rried out on the buildings to ensure that the value thes not diminish. In acCOr¢Jan￿ swth FRS 102, an ￿pair￿ent review 15 carrie¢J out on an annual basis. For othei fixed assets, depreaatron is provided ovei the estimated usefvl lives of Ihe assets at the following rates.. Freehold Improvement 10%- 20% on cost Fixtures & Fillings 10% on cost Hostel equiptnent 25% on written down value Other equipmenl 15% on vrritten down value Motor vehicles 25% on cosl Page 28 QVSR Notes to the Financial Statements For the year ended 31st December 2022 (continued 1 Accounting Policles IContlnu8dl Dfyprociation The Iruslees have consrdered the condit￿n and value olthe freehold prern￿s al 1211131 East India t)odt Road and have fortned the view that any depreciation thargeabk pursua￿ 10 requ￿￿entS ofAtt4xJntiry SlatKlaf115 arknj Compwry Law wouk1 reduce the value of the premises lo lower than Ihe residual value. cfy7seq￿nUY are salisfÈd Ihat there 1$ no Iwd lot an wljuslmwl lo the openng re$eThfe5 and book valLES oftr* propetty in respecl of past deprec1atN￿. NLY is it consideie Stock Stock is valued al the ￿Wer olcost and realsat* vakE_ Opfyratsng Leases The rentals pa￿ on operating ￿aseS are charged to e￿￿rKI11￿e on a straw3M basis ¢Jver of the lease. Pension Costs The Charily opefales a defined cwlribulion pefi$￿ sd*tne. p￿10Th o)st charye of £151.22912021". £89.3781 rewesenls contributions payabk by Charity urK1er ru￿$ oftlE thrre. The funds are held by Trustees 8Th1 Manag￿ by professi(￿al pen￿￿ t(xtsuhatts. Taxation Thère Is no tax tharge for the year since Mi4SK)n thartab￿ statLL8 arKJ is there1￿e e¥efflpl inrtsme and ewporatK)n lax. Critical accounting e8tlmates and areas of judgements In preparing the finanoal siaitmenls it is necessary lo make cerfan judgernenls. eslimales aThJ assumptions that aftects Ihe amount cognised in the finanaal slaleThenls. In Ihe view of If* Iruslees. IIE ￿tyMeThts. estimates assurnptions Ihal had IIE m051 svJnificanl effeds indthed legacy Income reeo9niliM. aTrl baj debi as per IIE accountin9 Wiies prevK)U￿Y disck>sed Cash and Cash gquivalents Cash and cash equwalents In￿L￿S cash in harnl. al call wlh banks. slmxl investments ¥K1 NYJinal maiuril*S of Ihree months or less Flnancial Instruments 8asic financwl instrumenb we N*asured ai a[n(rt￿ed cost c4her Ihan investrnenis a￿ ll*asured at rnathei valuè ai 31st D￿[￿be[ 2022. 2 Grants 2022 2021 Restricted Grants HMRC JRS Sl Pau1'5 Geftnan Evengdical Refom*d Churth Nationa1 Loiiery The Mberi Hunt Tru B&Q Founoalion Foreland Shiptmng Ltd Sealarer Prcyeci Grants The Seafaref Charily Shipwrecked Manners, Soc4ety MNW8 17.834 8.832 63.130 8.832 56.935 5.(X)O 30.0(X) 45.OOD 45.LVY) 510 56.0(A) 204.777 Seafarer Prqect Grant W8s fur￿ed equalty by Mwon Seafarets. Saiknts S(￿ty a[￿ Stella Mans. 45.826 215.652 Seafarercenlre Rèstricted Grants Port of London Authority The Seafa￿[ Charily Righlship UK limited DP World Wellcome Churth The Pemberton Barnes Trust Trinity House Essex Comrnunity F￿￿811 ICW4 TKIOran9e Counly Community IFoundat MNWB Port ol Tilbury Total 48.OLN) 55.fJXI 32.2 35.000 6,rK)o 9,LX)O J9.OLXI 4.5 io.o(K) Jo.0 5.051 srK) 16.000 11.000 109,750 12.5(X> 265.055 Page 29 QVSR Notes to the Financial Statements For the year ended 31st December 2022 {continued} 2A Donations and appeals incoffle Irdu(kd In donabois LS Ihe transfer of netasse150n of 3 Seafarer5 Ceniieswhth were acqui¢d on Ihe 301h 2022 for £rwl Cms￿eratKjn, and IrK$￿e￿ OVSR Seafaiet5Cehtres. 8 1￿% ¢harlaNe subgdiary ofQVSR Transter ol Seafarers Centres net assets th) the 30th Jure 2022 the chariry the netasse15oiihe tr)bt*$. 8naWS asfoll￿S:. Tangible fixed assets Not Debtors I Credltors Inv•stments Catsh Total r Brl ol Sèatarers eentre Chanty No 286078 17.403 156.414 608 174.425 Felixstowe and Haven Ports Sèafarèrs ServKe Charity No 272077 98.028 291.701 78.169 16,102 484.0 Humber Seafarers Chanty No 11599S3 Company Na. 08432595 Llml 25.482 79.210 104,6C 763.025 Page 31 ov)rDo U) SQ %￿¢4(￿(D J) e4 Oi 4Tr (¢> Q ILS ¢X* p V> (y i O O Q) >0 tr4 v) (D p io v) P •) OJ- ¢0 fo I o v) a> ¢p CJ a> u) i N ab¢n ￿0￿￿) p*f 00 ) o ** ONU) *0'￿v￿r) 0¢￿￿0 t4 In u) ,1 I:Iis!Il i QVSR Notes to the Financial Statements For the year ended 31st December 2022 (Continued) 4 Staff Costs and NUM￿r5 2022 2021 Wages and Salaries Temporary Slaft Employerfs N I contribub.on Pension Contribution5 1.644.615 76.361 152,976 152.811 1.358,474 68,091 121,891 89,378 2,026.763 1.637.834 In￿￿ed within the above are terrninatioTh payments of £17.4rJ. The nm)ber ot employees whtsse em01￿MentS amounted to over t60.1￿ in Ihe year was as foll{￿S .' 2022 2021 £60,(￿ - £69.999 £80,000 . £89,999 £110.tKy)- £119.999 £150,000- t159,999 The two em￿oYeeS in the atx)¥e salary range partpated in the pen510n 5d*me and coniributions made for them amounted 10 £27,56512021". £24.9741. or￿ Trustee receNeO a r*nsion of £9.697 IW21.. £9.1971 eartEd (luring hts past ernpk)yment al QVSR Inol for their Iruslee rolel and one Trustee received reimbursed exwse for travel of £1.552 12021." £2491. Th8 Charty incurred c051s of £465 12021". £5271 In ￿latiOn to Truslee5 IfKlemnity insuran￿. The key managernent personnel of the groLFP corststs of Ihe trustee5 IwFK* are not remuT*rated. other than tre trustee feeeiwng a pension as above). the Chief Exetutwe and Operation Manager. Total key managemenl remur*rabon arnounted to £235.29912021 £207.0581 The average number of e￿￿oy&s. on a full Iwne basis analysed by functv)n. was.. 2022 2021 Shop and restaurant S&afarer Centre Hostel 21 28 The average numter of ernrloyees on a he￿ ¢ 3￿).0￿) 99.427 399.427 Other recognise(S gains.. Gains on fixed assei invesim8nts 3B.726 38.726 Nel Movements li Fundts 138.153 438.153 Openi￿3 Fund$ ai 1s1 January 2020 700.174 11.411.761 160.863 7.344 12.280.142 C105ing Fun(5 BalaTr￿S 838.327 11.711.761 160.863 7.344 12.718,295 19 Net Incorne Not Incomo Is stated after charging= 2022 2021 Auditor5 RernunprabOn-a￿1i1 lex£*HliNJ VAT aThJ o%*rl undet aU￿raL%) 15.295 20 Related Party Trnnsa¢tlon8 There were no relaied party transactions in Ihe year Ihai require disdosures- 2022." non& 12021" none) The Charilyhas lake advantage ofthe exempiK)n prothded in FRS 102. paragiaph 33.1A. 10 disdose tranasaction5 wth olher gioup companies. Page 40 QVSR Notes to the Financial Statements For the year ended 31 st December 2022 (continued) 20 QVSR Seafarers Centres is a wholly owned charitable subsidiary of QVSR and is incorporated in I Ils sole activity is lo run the 3 seafarers ￿nIreS al Bristol , Felixslowe and Immin9ham. It shares s A summary of the accounts of QVSR Seafarerscentres is as follows- 2022 2021 Statement of Financial Activities Income Expenditure 1,180,374 1399,827 Nel income l {expenditurel 780,547 Gains I (losses) 16,607 Nel income for the year 798.154 Balance Sheet Fixed Assets Current assets Current liabilities 431,882 452,424 68,152 798,154 Page 39